Kakao Pay Supports Fees for Small and Micro Businesses

Lower KakaoPay Money Payment Fees to Credit Card Levels

[Asia Economy Reporter Jin-gyu Lee] Kakao Pay will apply preferential fees to small and micro businesses.

On the 5th, Ryu Young-jun, CEO of Kakao Pay, instructed, "Establish a separate fee system to support small and micro businesses and complete the system overhaul as soon as possible so that it can be applied from early next year."

Through this overhaul, Kakao Pay plans to lower the fees incurred when paying with Kakao Pay Money at offline stores to the level of credit card fees. Specific preferential rates and applicable targets will be disclosed in accordance with the implementation timing.

Kakao Pay has been implementing policies to support small and micro businesses. 'Soho Payment,' a QR code remittance method mainly used by small franchise stores such as single-person stores like pojangmacha or food trucks, neighborhood supermarkets, and cafes where linking with POS systems is difficult, does not charge fees. When paying with a card linked to Kakao Pay, the fee system between the franchise and the card company applies, so Kakao Pay does not receive any fees.

From March to June, Kakao Pay fully waived fees regardless of affiliated brand, industry, or store sales scale to support offline franchise owners struggling due to COVID-19. It also provides the 'Soho Payment Kit' and 'Kakao Pay Business App' free of charge for the convenience of franchise owners.

A Kakao Pay official said, "We are considering various measures to support franchise stores during this difficult time due to COVID-19," adding, "We will spare no effort to coexist with small and micro businesses."

This content was produced with the assistance of AI translation services.